How Affordability and Remote Work Are Changing Where People Live
There’s an interesting trend happening in the housing market. People are increasingly moving to more affordable areas, and remote or hybrid work is helping them do it.
Consider Moving to a More Affordable Area
Today’s high mortgage rates, coupled with steadily increasing home prices, make it challenging for many people to afford a home. Consequently, many prospective buyers are relocating to areas where homes are more affordable and the cost of living is lower. As Orphe Divounguy, Senior Economist at Zillow, explains:
“Housing affordability has always mattered . . . and you’re seeing it across the country. Housing affordability is reshaping migration trends.”
If you plan to buy a home soon, it might be wise to expand your search to include areas where homes that meet your needs are more affordable. Many people are currently taking this approach to find a home that fits their budget. Extra Space Storage explains:
“55% of American adults are looking to relocate to a different state or city for more affordable homes and lower costs of living. . . Specifically, states with a strong economy, lower costs of living, and remote work options continue to be the ideal places to live in the U.S.”
Remote Work Opens Up More Home Options
“People start to reconsider where they want to live when commute times are slashed in half or eliminated altogether. If they have a longer commute but don’t have to do it daily, they may feel like they can tolerate living farther away from their job. Or, if someone works entirely remotely, they can move to a cheaper area and get a lot of house for their dollar.”
How a Real Estate Agent Can Help
A real estate agent can help you find the perfect home for your budget. They’re especially valuable if you’re moving to a new, unfamiliar area. Bankrate says:
“If you’re moving far away, you may not have a good idea about which neighborhoods or towns will be the best fit. An experienced local agent can help you find the lifestyle you’re looking for in a home you can afford.”
So, if you’re thinking about relocating to somewhere with more affordable homes, what are you waiting for? With the added flexibility of remote work, you might have more options than before.
Bottom Line
Dreaming of a place where your money stretches further? Let’s connect so I can assist you in finding your next home. Together, we can turn your dream of homeownership into a reality.
